The Nokia X will be part of the Asha line-up. This is basically what an unnamed Senior Nokia India Executive unveiled, under the condition that his identity should be not unveiled. Additionally, said executive also unveiled that the phone will be available in India in March, in which context an MWC announcement could be highly likely.
The specs that got leaked include a dual-core Snapdragon processor clocked at 1GHz, 512MB of RAM, four-inch screen with WVGA resolution, 4GB of internal storage (expandable via microSD), five-megapixel shooter sans flash (from all the renders and leaks), and a 1,500mAh battery. This would mean that the world would basically get a “forked” Android-powered Lumia 520.
As a bonus, a dual SIM version of the phone has also been tipped, alongside a dual SIM Windows Phone, which should also land in India in March.